WPX Energy Exceeds 2015 Deleveraging Guidance Following Sale Of San Juan Basin
Shares of WPX Energy Inc (NYSE: WPX) were trading higher by more than 3 percent on Thursday after the company said it has reached an agreement to sell its San Juan Basin gathering system for approximately $309 million.
WPX noted that the sale increases the amount of its recent divestitures to nearly $575 million – exceeding its original target of $400 to $500 million for the bottom half of the year.
Richard "Rick" Muncrief, WPX's president and CEO stated that the company will "continue to prioritize" debt reduction in 2016.
WPX currently has a net debt of $3.2 billion consisting of $3 billion in notes and the remainder primarily in revolver borrowings.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.